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Stock Market & Financial Investment News

News Breaks
July 14, 2014
15:32 EDTDRLDoral Financial sells non-performing assets for $369M
Doral Financial announced the sale of a significant amount of its non-performing assets for $369M, a move that will allow the company to improve its financial position -- by reducing risk and improving its liquidity -- and move forward with the rest of its restructuring plan. The closing of the transaction is subject to regulatory approval.
News For DRL From The Last 14 Days
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January 28, 2015
10:21 EDTDRLDoral Financial issued Prompt Corrective Action Directive from FDIC
Doral Financial disclosed in a filing earlier that on January 26, the board of the bank received a letter from the FDIC notifying the board that the FDIC issued against the bank a Prompt Corrective Action Directive, which became effective immediately upon its receipt by the bank. The Directive directs the Bank to promptly increase the amount of its Tier 1 capital to a level sufficient to restore the Bank to the capital category of “adequately capitalized” and/or accept an offer to combine with another insured depositary institution. "The Bank believes the inclusion of the payment obligations from Puerto Rico is appropriate as the Bank has a court order validating the obligation of Puerto Rico under the Closing Agreement. The Bank believes its previously submitted capital restoration plan, while not accepted by the FDIC, presents the best possible outcome for all constituencies," Doral said. Also, on Friday, January 23, the Federal Home Loan Bank of New York notified its wholly-owned subsidiary Doral Bank that the bank’s borrowing terms under its credit facility had been modified from 30 days to overnight and that, barring any significant and material events occurring that impact the financial condition of the bank, the bank is eligible to borrow from its available credit line on an overnight basis in a business as usual environment. The FHLB also notified the bank that as a safe and sound practice and in order to comply with the FHLB’s regulatory guidelines, the FHLB could not extend credit to a capital-deficient member that has positive tangible capital if it receives written notice from the Federal Deposit Insurance Corporation that the member’s use of the FHLB’s advances is prohibited. The bank is currently assessing the materiality and magnitude of the impact of these changes in its liquidity forecasts.
January 16, 2015
16:27 EDTDRLDoral Financial CFO Nancy Reinhard resigns, effective January 19
On January 12, Nancy Reinhard notified Doral Financial that she was considering resigning her position as Acting CFO and Principal Accounting Officer of the company. On January 16, Reinhard did in fact resign from these positions effective January 19. The company is working to fill the positions of CFO and Principal Accounting Officer.

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